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Ellen
Ellen, Lawyer
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6. Under the cash receipts and disbursements method, the taxpayer

Resolved Question:

6. Under the cash receipts and disbursements method, the taxpayer reports income in the year: (Points : 1)
Income is received.
Income is negotiated.
Income is earned.
Income is accrued.


7. Income may be realized in the form of: (Points : 1)
Property.
Cash.
Services.
All of the above.


8. Which of the following items would not be considered as support for a dependency exemption? (Points : 1)
medical insurance premiums.
food.
life insurance premiums.
clothing.


9. If Tom, an accountant, agrees to provide accounting services to Carl, a friend, in exchange for Carl fixing Tom's office floor, then: (Points : 1)
Tom must report income on his tax return.
Carl must report income on his tax return.
Neither Tom nor Carl must report income on their tax returns.
Both of them must report income on their tax returns.


10. Carl, James and Thomas are supporting their mother who lives in a separate apartment. Their contributions towards her support are 10%, 40% and 50%, respectively. In a multiple support agreement, who would be entitled to claim the mother as a dependent? (Points : 1)
Carl.
James or Thomas.
Carl, James or Thomas.
None of the above
Submitted: 5 years ago.
Category: Homework
Expert:  Ellen replied 5 years ago.
Hello,


Thank you for your question.

6. Under the cash receipts and disbursements method, the taxpayer reports income in the year: (Points : 1)
Income is received.



7. Income may be realized in the form of: (Points : 1)

All of the above.
Expert:  Ellen replied 5 years ago.
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